Spyre Therapeutics (NASDAQ:SYRE) Stock Price Up 7.1% – Here’s Why

Spyre Therapeutics, Inc. (NASDAQ:SYRE)’s stock price was up 7.1% on Monday. The company traded as high as $84.84 and last traded at $85.5910. Approximately 415,933 shares were traded during mid-day trading, a decline of 63% from the average session volume of 1,136,495 shares. The stock had previously closed at $79.90.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Wedbush reissued an “outperform” rating and set a $123.00 price objective on shares of Spyre Therapeutics in a research note on Wednesday, September 9th. Mizuho lifted their target price on shares of Spyre Therapeutics from $84.00 to $120.00 and gave the stock an “outperform” rating in a research note on Monday, July 13th. Deutsche Bank Aktiengesellschaft cut their price target on Spyre Therapeutics from $135.00 to $127.00 and set a “buy” rating for the company in a report on Wednesday, August 26th. Weiss Ratings restated a “sell (d-)” rating on shares of Spyre Therapeutics in a report on Tuesday, September 1st. Finally, Robert W. Baird set a $120.00 price objective on Spyre Therapeutics in a report on Wednesday, August 5th. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $110.40.

Spyre Therapeutics Price Performance

The stock has a market cap of $8.72 billion, a PE ratio of -43.84 and a beta of 3.10. The stock has a 50-day simple moving average of $91.99 and a 200-day simple moving average of $84.39.

Spyre Therapeutics (NASDAQ:SYRE) last released its quarterly earnings data on Tuesday, August 4th. The company reported ($0.36) EPS for the quarter, topping analysts’ consensus estimates of ($0.76) by $0.40. As a group, equities research analysts anticipate that Spyre Therapeutics, Inc. will post -2.71 EPS for the current year.

Insider Transactions at Spyre Therapeutics

In related news, CEO Cameron Turtle sold 15,000 shares of the stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $92.01, for a total transaction of $1,380,150.00. Following the completion of the sale, the chief executive officer owned 537,540 shares of the company’s stock, valued at approximately $49,459,055.40. This represents a 2.71% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Heidy King-Jones sold 28,933 shares of the firm’s stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $91.03, for a total transaction of $2,633,770.99. Following the completion of the transaction, the insider owned 2,845 shares in the company, valued at $258,980.35. The trade was a 91.05% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 183,564 shares of company stock worth $16,903,193 over the last 90 days. Company insiders own 15.69% of the company’s stock.

Institutional Investors Weigh In On Spyre Therapeutics

Several institutional investors have recently bought and sold shares of SYRE. IFP Advisors Inc raised its stake in shares of Spyre Therapeutics by 3,241.7% in the 3rd quarter. IFP Advisors Inc now owns 802 shares of the company’s stock valued at $71,000 after acquiring an additional 778 shares during the period. Assenagon Asset Management S.A. acquired a new position in shares of Spyre Therapeutics during the 3rd quarter valued at $53,349,000. GAMMA Investing LLC lifted its holdings in shares of Spyre Therapeutics by 24.4% during the 3rd quarter. GAMMA Investing LLC now owns 825 shares of the company’s stock valued at $73,000 after acquiring an additional 162 shares in the last quarter. Engineers Gate Manager LP purchased a new stake in Spyre Therapeutics during the 2nd quarter worth $3,416,000. Finally, Integrated Wealth Concepts LLC purchased a new stake in Spyre Therapeutics during the 2nd quarter worth $31,000. 80.39% of the stock is currently owned by hedge funds and other institutional investors.

Spyre Therapeutics Company Profile

Spyre Therapeutics, Inc is a clinical-stage biotechnology company focused on developing next-generation treatments for inflammatory bowel disease (IBD), including Crohn’s disease and ulcerative colitis. The company’s approach is centered on engineered antibody therapies designed to provide durable disease control, convenient dosing and improved treatment characteristics.

Spyre’s investigational pipeline includes antibody programs directed at important inflammatory pathways, including interleukin-23 (IL-23) and TL1A.